If you own a property or asset and want to record this in Nomos One, you can follow these instructions to set up an owned Agreement.
- From your Organisation Dashboard, click Add New... > New Agreement
- On the Settings page, select the Agreement Type as Lease, and the Role of Landlord
We understand that your Agreement is not really a 'lease' and that you aren't really a Landlord - but these are the best selections you can make for owned properties in these conditions.
- Record the Agreement Name in the File Display Name (Known As). To help you identify that this is an owned Agreement, you might like to include a reference to this in the name you choose
Complete any other details on the Settings page you would like, then press Next to move to the Parties page
- On the Parties page, record your entity as the Landlord, then press Next at the bottom of the page to continue
- On the Property page, create and attach a property for this location or asset to the Agreement, then click Next
- On the Rent & Payment page, as this is an owned Agreement, you can leave these fields blank and click Next at the bottom of the page
- On the Events page, you'll need to record a Commencement Date for your owned Agreement. You can use the date you acquired this property, or use a fictitious date of your choice
Strictly speaking, it's not mandatory for you to add in an Expiry Date for this Agreement, however, if you want to enhance your contractual reporting and portfolio management capabilities for this Agreement, you might like to add in a fictitious Expiry Date to allow you to add in Custom Events at a later date. To do this, expand the Initial Term & Renewals section and add in an Expiry Date of your choice.
Once you've added the relevant Events you can click Next.
- On the Documents page, you can upload any supporting documentation relating to this Agreement then click Next
- On the Other page, you can capture any additional details you would like recorded against your owned Agreement, and fill out any Custom Data fields you've set up. Otherwise, you can click Finish at the bottom of the page
- On the Agreement Timeline, click on the Commencement Event icon and complete the Commencement Event
- Finish up by Activating your Agreement - and you're done!
As your Agreement has been onboarded without key Payment and Event information, there are limited reporting options available for this Agreement. You will not be able to do any Financial Reporting on this Agreement (Including IFRS 16 Reporting), and many of the Reporting Columns will appear blank on the contractual reports you generate for this Agreement as they have not been populated on the Agreement.
Nomos One does not provide or purport to provide any accounting, financial, tax, legal or any professional advice, nor does Nomos One purport to offer a financial product or service. Nomos One is not responsible or liable for any claim, loss, damage, costs or expenses resulting from your use of or reliance on these resource materials. It is your responsibility to obtain accounting, financial, legal and taxation advice to ensure your use of the Nomos One system meets your individual requirements.